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When you have been planning to add that additional room, or give your kitchen a facelift for more than two years, you know it is time. It is time to face that remodel project, and get things done.
No matter how strong your resolve to complete the job may be, you will still have to find a way to pay for everything. If you are having trouble coming up with the cash to get started, check out a few helpful suggestions. Here are a few ways you could finance that remodel project you have been avoiding for all these years.
Take out a Home Equity Line of Credit
Taking out an equity line of credit on your home is one of the most common ways to fund a sizeable remodel project. If you are looking to add a whole new room, you need a good chunk of money to get the ball rolling.
A HELOC (Home Equity Line of Credit) is a low-interest financing option based on the existing value of your property. You are basically borrowing money against your home’s title. It sounds scarier than it really is once everything is all done. Your payments can be made very reasonable.
Put in your own sweat equity
Your sweat equity may not pay for all of the materials needed to complete your project, but it can reduce the price of the job dramatically. You will also have the excellent feeling of accomplishment once the job is complete.
It may also be a good idea to offer your buddies a pizza and a case of beer. When you get your friends involved, you will make memories while you work. The more personal sweat equity you put into your home, the more you will appreciate the finished product.
Zero-Interest home remodeling loans
Apply for a remodeling loan through your local Home Improvement Program. The loans are zero-interest, so it is almost like you are getting free money. We say almost, because there are fees for involved services. Nothing is ever “really” free when it comes to finance agreements.
It is important for applicants to understand that these loans typically cap around $25-50,000, and you will be fully responsible for any added property taxes. These programs are also extremely particular, so be ready to play ball.
Personal loans and financing
If the project is not too large, it may be feasible to simply apply for a personal loan from a nearby bank. As long as your financial history is decent, you should have no trouble acquiring a personal loan. Interest rates are typically workable, and you will get your money sooner than later.